Image via Flickr user Quoteinspector.com.
Written by Breanna Hardy
Technology has accelerated business development across industries, and for banking, that means financial technology (fintech) and cryptocurrency.
The Greater Sacramento Economic Council is hosting a Zoom webinar at 10 a.m. on Thursday on “The State of Fintech and Cryptocurrency.”
The Valley’s own Ciaran McMullan, CEO of Suncrest Bank in Visalia, is chairing the webinar. He is one of nine guests, who span from bank CEOs to fintech CEOs.
Ally Medina will represent Blockchain Advocacy Coalition, which educates legislators and regulators about blockchain technology – the platform that operates Bitcoin. Medina is the coalition’s executive director.
The webinar will discuss the future of fintech, the regulatory and compliance considerations of cryptocurrency, and the idea of this form of currency being an opportunity for investment.
McMullan believes that fintech will be the No. 1 topic of discussion throughout 2021.
McMullan said fintech helps generate new business (loans or deposits), and helps banks become more efficient to service that business. If done well, it streamlines banking operations while generating more revenue.
Steve Jones, chief operating officer of Suncrest Bank, said that payment processing is a large part of fintech.
This payment processing allows room for cryptocurrency, which Jones says is being heavily examined by banking and financial industry regulators.
Cryptocurrency has been accepted at an institutional level, and it’s being talked about peer-to-peer as well.
Many in the banking industry are trying to understand more about cryptocurrency.
“We both know the difference between a fad and something that’s here to stay. And this is not a fad. There will be no going back from the way organizations have pivoted over these last 12 months. No way,” McMullan said.